Following persistent complaints about spammy and fraudulent cryptocurrency ads, Facebook has issued an outright ban. As of a new ruling issued on January 30, “ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency”. The move is sure to be welcomed by Facebook users and bitcoin enthusiasts alike, who recognize that these adverts to little to promote the benefits of cryptocurrency.

Facebook Gives Crypto Ads the Thumbs Down

Of the myriad places on the web where a person can learn about cryptocurrencies, Facebook is possibly the worst. Its users tend to be less sophisticated than those who frequent other social networks, and are easy prey for scammers, charlatans, and snake oil salesmen. Characters such as the impressively coiffured James Altucher have become the hated face of Facebook crypto, with their get rich quick schemes promoting the seedier side of bitcoin.